Being new to online trading business is an intimidating stage because you are faced with so many options to choose from. All options are advertised so charmingly that every broker ad you come across seems like the right one. However, you need to dig deeper and be more thorough with your research before making a choice instead of just trusting the convincing advertisements. I speak with experience when I say that it is quite difficult to decide which broker firm will suit you and your requirements. You need to study the terms, and rules of trading, which assets are the most reliable, if you have enough funds, etc.
You will find that some firms focus on new traders while others are more focused on experienced traders. Some brokerage firms, such as Finexro, design their services and products as such to meet the needs of both experienced and novice traders equally.
Let us look at some aspects of this firm that make it a good choice for new traders.
· Ease of signup
Long and complicated signup processes are very frustrating to deal with and make you doubts the quality of services the website may provide you. When you are signing up on a broker website, you are essentially informing them that you are ready to open an account with them. For that, you need to pay a small deposit fee as you would in a bank. You will find that a lot of the brokers out there have long and complicated signup processes and also require you to pay a significant amount just to register your account.
Brokers need to pay special attention to the signup process as users can put the idea of trading out of their heads if even the signup process is lengthy and complicated and the deposit fee is too high.
The initial signup process for Finexro is fairly simple and you just have to provide your full name, contact number, country of residency, birth date, and the currency you will be using for your trades. And your initial account is created. Of course, you will need to provide additional information such as identity proofs, bank account information, etc., once you pick out and account type.
· Withdrawals and Deposits
The deposit and withdrawal methods at Finexro are very quick and simple. You just need to click on the “Withdrawal request” option on your account. You can withdraw from your account whenever you If you need to. To receive the amount on the same day all you have to do is state your withdrawal request before 1:00 pm GMT then the process will be completed on the same day.
Finexro uses the securest ways to send you your funds. Anti-money laundering rules are complied with during withdrawals. You can only withdraw the amount to the bank account or credit/debit card that you used to make the deposit. You will need to prove your identity before the withdrawal as a safety measure. Withdrawals via credit cards are charged 3.5% of the amount. If you use the wire transfer method then no fee will be charged.
The minimum amount that is required to be deposited to create an account is 0.001 BTC. Your initial deposit needs to be in BTC form, which is a bit risky. You can also pay the initial deposit in USD at $250.
· Trading Fees
Finexro has a transparent fee structure where no hidden commissions and deductions are taken from the client without prior notice. The broker charges a dormant fee of $100 monthly for accounts that have been inactive for 45 days or more. The broker provides free access to their trading software, however, if you want to close your account without participating in at least 20 trade events using the software only, then you will be charged with a fee of $100.
The commission rates for cryptocurrencies, forex, and precious metals are 0.05% and 0.001% for both respectively. The commission for commodities and indices is 0.01%.
· Payment Methods
There are various ways in which you can fund your trading account on Finexro such as Credit/Debit card transfer, wire transfer, local fund deposit, online payment service, and transfer funds from other brokerage accounts.
If you are a first time trader, then you need to fund your account by using credit/ debit cards. You can use Visa, Mastercard, CashU, or Wire Transfers for placing direct deposits. Wire transfers are back-to-bank or person-to-institution transfers of cash. The broker assures you of the safety of your private details that you need to provide for the transfers. You can use online payment services such as PayPal to make your transactions and fund your account as well. You cannot transfer cash payments personally to Finexro as it is not allowed by the regulations.
An interesting method of depositing funds is using your account from a different brokerage firm to transfer the funds. You need to carefully read the instructions available on the website to make sure that you do not face any issues during the process.
You should remember that the account of deposit and withdrawal must have the same account holder name otherwise your process will not be approved or successful. I, again, remind you to read all instructions that are provided regarding payment methods.
· Real-time Rates and Market News
This broker provides real-time updates on stock values which help you to keep a record of values during the high times of the day. This helps you make better investment decisions as you can see which stocks re rising and falling simultaneously. Furthermore, a market news section is available on the website to keep you updated with the latest news regarding stock rates, cryptocurrency and, other brokerage firms related news.
I find that this broker provides many beneficial features to its users. It has really focused on the ease-of-usage of their platform and uses simple language to explain its terms and processes which I find to be extremely helpful, especially for novice traders.
All in all, the final decision is yours. I hope that reading this review provided you a clear insight of what to expect when you sign-up with or explore Finexro. Learn more about Finexro at Tokenhell.com.